1st Mar 2016 08:16
LONDON (Alliance News) - Anglo American PLC Tuesday said the positive trend experienced in its rough diamond sales has continued, reporting a rise in sales value of its most recent sales cycle.
Anglo American conducts its diamond business through its investment in De Beers, in which it holds an 85% stake. Anglo American said De Beers' second sales cycle of 2016 had a sales value of USD610.0 million, which can be compared to the first sales cycle of 2016 which yielded a value of only USD545.0 million.
Those sale cycles cover rough diamonds sold at auctions and through Global Sightholder Sales, which offers buyers the chance to view the products on offer before making a bid. Global Sightholder Sales accounts for around 90% of De Beers' rough diamond sales.
"Retailer restocking after the end-of-year holiday season is supporting demand for polished diamonds and, in turn, we are seeing improved demand from the midstream for rough diamonds. However, we remain mindful of the need for a cautious approach as the recovery continues," said Phillippe Mellier, chief executive of De Beers.
Anglo American shares were up 3.6% to 497.95 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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